FYRE Festival Organizers Officially Fielding Offers From Buyers

FYRE Festival organizers are looking to light the seller's market on the festival scene ablaze ... officially fielding offers for FYRE's IP -- and looking for millions to part with it.

Sources close to the festival tell TMZ ... more than 700 offers have been submitted to organizers since they announced they'd part with the rights last month.

While many are lowball offers and jokes, we're told about 86 have been legitimate ... and, organizers have met with about 30 or 40 of those legit potential buyers to talk turkey.

Our sources say many of these strong offers are coming from traditional festival companies, internet media companies and entrepreneurs who are trying to get into the entertainment industry.

Whoever ends up buying it better be ready to hand over a bundle of cash ... 'cause we're told the team behind FYRE wants high seven figures or low eight figures to sell. There's no timetable on the sale -- but, our sources say the sooner, the better.

As you know ... part of the reason for the sale is because of the controversy that cropped up when officials in a city in Mexico claimed festival organizers never reached out to them, despite FYRE organizers protesting otherwise.

We're told officials from Utila -- an island off the Honduras coast -- and the Turks and Caicos Islands have reached out hoping to host FYRE Festival 2 ... so, the FYRE team wants to pick a company that is open to going to one of those locations.

Once sold, our sources say Billy McFarland -- FYRE's founder who served multiple years in prison for fraud after the first festival debacle -- will no longer be involved officially ... though we're told he's open to staying on if the company that buys it wants his help in some capacity.